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'Pride of Ownership' Urban Atlanta Retail Sites Trade

ATLANTA—“We continue to see an increase in demand for infill Atlanta real estate.”

By Jennifer LeClaire | jenniferleclaire | | Updated on July 22, 2016
Tribute Lofts Retail, a 5,360-square foot retail property and Madre & Mason, a 3,700-square foot net-leased property in Atlanta, have just traded hands. Tribute Lofts Retail, a 5,360-square foot retail property and Madre & Mason, a 3,700-square foot net-leased property in Atlanta, have just traded hands.
ATLANTA—Tribute Lofts Retail, a 5,360-square foot retail property and Madre & Mason, a 3,700-square foot net-leased property in Atlanta, have just traded hands. The urban Atlanta assets traded for $1.3 million and $875,000, respectively. Daniel “Sonny” Molloy and Jared M. Kaye , investment specialists in Marcus & Millichap ‘s Atlanta office , along with Douglas K. Mandel , investment specialist in the firm’s Fort Lauderdale office , represented the sellers, both limited liability companies. Molloy, Kaye and Mandel also procured the buyer for Madre & Mason. “We continue to see an increase in demand for infill Atlanta real estate,” Kaye tells GlobeSt.com Tribute Lofts Retail is a retail center located in a mixed-use condominium in the Old Fourth Ward neighborhood of Atlanta. The property is fully leased to tenants including Condesa Café & Espresso Bar, Casual Baked Comfort Food, and the Sha’ Mari Hair Salon. Madre & Mason is located in the in-town neighborhood of Morningside-Lenox Park. The restaurant is the only retail unit within the Belvedere Condominiums at Piedmont Park. Madre & Mason is the newest of three restaurants run by Atlanta chef Calavino Donati and features an eclectic fusion of Southern and Latin American cuisine. According to M&M, Tribute Lofts and Madre & Mason represent true pride-of-ownership real estate , occupying a select niche of condo-based commercial real estate opportunities in the urban core of Atlanta. The scarcity of this type of investment presents both an opportunity and a challenge for investors. “Within a short marketing timeframe, we created a competitive bidding environment which resulted in multiple offers for both properties,” Kaye tells GlobeSt.com. “Our specialized expertise and market knowledge in dealing with the unique challenges of condo-based real estate helped create a smooth transaction for all parties.”

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